Afternoon Update: world’s billionaires vastly richer since pandemic; Woolies store vandalised; and Victoria defends $100m Tennis Australia bailout

Demonstrators protesting in Davos, Switzerland, on Sunday ahead of the opening of the World Economic Forum annual meeting. Photograph: Denis Balibouse/Reuters

Good afternoon. Global inequality has seen a dramatic increase since the Covid pandemic, with the world’s billionaires almost A$5tn richer than in 2020, according to a new Oxfam report.

The world’s five richest men have doubled their wealth since 2020, while the world’s poorest 60% – almost 5 billion people – have lost money.